Programs and Options
In a short sale if you are not able to use the options above and you cannot bring your loan current, afford to make the monthly payments, or sell the property for the full amount of the loan, your lender would have to agree to accept less than the amount owed as full payment.
Under the terms of a short sale you are protected byThe Mortgage Debt Relief Act of 2007 and your lender may forgive your mortgage debt in its entirety according to the terms outlined in The Mortgage Debt Relief Act of 2007. The waiting period to buy a home after a short sale could be less than 14 months compared to the 5-7 years following a foreclosure.
You must sell your home.
Deed-in-Lieu of Foreclosure
A deed-in-lieu of foreclosure your lender would have to…
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